/src/quantlib/ql/time/calendars/unitedstates.cpp

Source
/* -*- mode: c++; tab-width: 4; indent-tabs-mode: nil; c-basic-offset: 4 -*- */

/*
 Copyright (C) 2004, 2005 Ferdinando Ametrano
 Copyright (C) 2000, 2001, 2002, 2003 RiskMap srl
 Copyright (C) 2003, 2004, 2005, 2006 StatPro Italia srl
 Copyright (C) 2017 Peter Caspers
 Copyright (C) 2017 Oleg Kulkov
 Copyright (C) 2023 Skandinaviska Enskilda Banken AB (publ)
 Copyright (C) 2024 Dirk Eddelbuettel

 This file is part of QuantLib, a free-software/open-source library
 for financial quantitative analysts and developers - http://quantlib.org/

 QuantLib is free software: you can redistribute it and/or modify it
 under the terms of the QuantLib license.  You should have received a
 copy of the license along with this program; if not, please email
 <quantlib-dev@lists.sf.net>. The license is also available online at
 <https://www.quantlib.org/license.shtml>.

 This program is distributed in the hope that it will be useful, but WITHOUT
 ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS
 FOR A PARTICULAR PURPOSE.  See the license for more details.
*/

#include <ql/time/calendars/unitedstates.hpp>
#include <ql/errors.hpp>

namespace QuantLib {

    namespace {

        // a few rules used by multiple calendars

        bool isWashingtonBirthday(Day d, Month m, Year y, Weekday w) {
            if (y >= 1971) {
                // third Monday in February
                return (d >= 15 && d <= 21) && w == Monday && m == February;
            } else {
                // February 22nd, possibly adjusted
                return (d == 22 || (d == 23 && w == Monday)
                        || (d == 21 && w == Friday)) && m == February;
            }
        }

        bool isMemorialDay(Day d, Month m, Year y, Weekday w) {
            if (y >= 1971) {
                // last Monday in May
                return d >= 25 && w == Monday && m == May;
            } else {
                // May 30th, possibly adjusted
                return (d == 30 || (d == 31 && w == Monday)
                        || (d == 29 && w == Friday)) && m == May;
            }
        }

        bool isLaborDay(Day d, Month m, Year y, Weekday w) {
            // first Monday in September
            return d <= 7 && w == Monday && m == September;
        }

        bool isColumbusDay(Day d, Month m, Year y, Weekday w) {
            // second Monday in October
            return (d >= 8 && d <= 14) && w == Monday && m == October
                && y >= 1971;
        }

        bool isVeteransDay(Day d, Month m, Year y, Weekday w) {
            if (y <= 1970 || y >= 1978) {
                // November 11th, adjusted
                return (d == 11 || (d == 12 && w == Monday) ||
                        (d == 10 && w == Friday)) && m == November;
            } else {
                // fourth Monday in October
                return (d >= 22 && d <= 28) && w == Monday && m == October;
            }
        }

        bool isVeteransDayNoSaturday(Day d, Month m, Year y, Weekday w) {
            if (y <= 1970 || y >= 1978) {
                // November 11th, adjusted, but no Saturday to Friday
                return (d == 11 || (d == 12 && w == Monday)) && m == November;
            } else {
                // fourth Monday in October
                return (d >= 22 && d <= 28) && w == Monday && m == October;
            }
        }

        bool isJuneteenth(Day d, Month m, Year y, Weekday w, bool moveToFriday = true) {
            // declared in 2021, but only observed by exchanges since 2022
            return (d == 19 || (d == 20 && w == Monday) || ((d == 18 && w == Friday) && moveToFriday))
                && m == June && y >= 2022;
        }
    }

    UnitedStates::UnitedStates(UnitedStates::Market market) {
        // all calendar instances on the same market share the same implementation instance
        static auto settlementImpl = ext::make_shared<UnitedStates::SettlementImpl>();
        static auto liborImpactImpl = ext::make_shared<UnitedStates::LiborImpactImpl>();
        static auto nyseImpl = ext::make_shared<UnitedStates::NyseImpl>();
        static auto governmentImpl = ext::make_shared<UnitedStates::GovernmentBondImpl>();
        static auto nercImpl = ext::make_shared<UnitedStates::NercImpl>();
        static auto federalReserveImpl = ext::make_shared<UnitedStates::FederalReserveImpl>();
        static auto sofrImpl = ext::make_shared<UnitedStates::SofrImpl>();

        switch (market) {
          case Settlement:
            impl_ = settlementImpl;
            break;
          case LiborImpact:
            impl_ = liborImpactImpl;
            break;
          case NYSE:
            impl_ = nyseImpl;
            break;
          case GovernmentBond:
            impl_ = governmentImpl;
            break;
          case SOFR:
            impl_ = sofrImpl;
            break;
          case NERC:
            impl_ = nercImpl;
            break;
          case FederalReserve:
            impl_ = federalReserveImpl;
            break;
          default:
            QL_FAIL("unknown market");
        }
    }


    bool UnitedStates::SettlementImpl::isBusinessDay(const Date& date) const {
        Weekday w = date.weekday();
        Day d = date.dayOfMonth();
        Month m = date.month();
        Year y = date.year();
        if (isWeekend(w)
            // New Year's Day (possibly moved to Monday if on Sunday)
            || ((d == 1 || (d == 2 && w == Monday)) && m == January)
            // (or to Friday if on Saturday)
            || (d == 31 && w == Friday && m == December)
            // Martin Luther King's birthday (third Monday in January)
            || ((d >= 15 && d <= 21) && w == Monday && m == January
                && y >= 1983)
            // Washington's birthday (third Monday in February)
            || isWashingtonBirthday(d, m, y, w)
            // Memorial Day (last Monday in May)
            || isMemorialDay(d, m, y, w)
            // Juneteenth (Monday if Sunday or Friday if Saturday)
            || isJuneteenth(d, m, y, w)
            // Independence Day (Monday if Sunday or Friday if Saturday)
            || ((d == 4 || (d == 5 && w == Monday) ||
                 (d == 3 && w == Friday)) && m == July)
            // Labor Day (first Monday in September)
            || isLaborDay(d, m, y, w)
            // Columbus Day (second Monday in October)
            || isColumbusDay(d, m, y, w)
            // Veteran's Day (Monday if Sunday or Friday if Saturday)
            || isVeteransDay(d, m, y, w)
            // Thanksgiving Day (fourth Thursday in November)
            || ((d >= 22 && d <= 28) && w == Thursday && m == November)
            // Christmas (Monday if Sunday or Friday if Saturday)
            || ((d == 25 || (d == 26 && w == Monday) ||
                 (d == 24 && w == Friday)) && m == December))
            return false; // NOLINT(readability-simplify-boolean-expr)
        return true;
    }

    bool UnitedStates::LiborImpactImpl::isBusinessDay(const Date& date) const {
        // Since 2015 Independence Day only impacts Libor if it falls
        // on a weekday
        Weekday w = date.weekday();
        Day d = date.dayOfMonth();
        Month m = date.month();
        Year y = date.year();
        if (((d == 5 && w == Monday) ||
            (d == 3 && w == Friday)) && m == July && y >= 2015)
            return true;
        return SettlementImpl::isBusinessDay(date);
    }

    bool UnitedStates::NyseImpl::isBusinessDay(const Date& date) const {
        Weekday w = date.weekday();
        Day d = date.dayOfMonth(), dd = date.dayOfYear();
        Month m = date.month();
        Year y = date.year();
        Day em = easterMonday(y);
        if (isWeekend(w)
            // New Year's Day (possibly moved to Monday if on Sunday)
            || ((d == 1 || (d == 2 && w == Monday)) && m == January)
            // Washington's birthday (third Monday in February)
            || isWashingtonBirthday(d, m, y, w)
            // Good Friday
            || (dd == em-3)
            // Memorial Day (last Monday in May)
            || isMemorialDay(d, m, y, w)
            // Juneteenth (Monday if Sunday or Friday if Saturday)
            || isJuneteenth(d, m, y, w)
            // Independence Day (Monday if Sunday or Friday if Saturday)
            || ((d == 4 || (d == 5 && w == Monday) ||
                 (d == 3 && w == Friday)) && m == July)
            // Labor Day (first Monday in September)
            || isLaborDay(d, m, y, w)
            // Thanksgiving Day (fourth Thursday in November)
            || ((d >= 22 && d <= 28) && w == Thursday && m == November)
            // Christmas (Monday if Sunday or Friday if Saturday)
            || ((d == 25 || (d == 26 && w == Monday) ||
                 (d == 24 && w == Friday)) && m == December)
            ) return false;

        if (y >= 1998 && (d >= 15 && d <= 21) && w == Monday && m == January)
            // Martin Luther King's birthday (third Monday in January)
            return false;

        if ((y <= 1968 || (y <= 1980 && y % 4 == 0)) && m == November
            && d <= 7 && w == Tuesday)
            // Presidential election days
            return false;

        // Special closings
        if (// President Carter's Funeral
            (y == 2025 && m == January && d == 9)
            // President Bush's Funeral
            || (y == 2018 && m == December && d == 5)
            // Hurricane Sandy
            || (y == 2012 && m == October && (d == 29 || d == 30))
            // President Ford's funeral
            || (y == 2007 && m == January && d == 2)
            // President Reagan's funeral
            || (y == 2004 && m == June && d == 11)
            // September 11-14, 2001
            || (y == 2001 && m == September && (11 <= d && d <= 14))
            // President Nixon's funeral
            || (y == 1994 && m == April && d == 27)
            // Hurricane Gloria
            || (y == 1985 && m == September && d == 27)
            // 1977 Blackout
            || (y == 1977 && m == July && d == 14)
            // Funeral of former President Lyndon B. Johnson.
            || (y == 1973 && m == January && d == 25)
            // Funeral of former President Harry S. Truman
            || (y == 1972 && m == December && d == 28)
            // National Day of Participation for the lunar exploration.
            || (y == 1969 && m == July && d == 21)
            // Funeral of former President Eisenhower.
            || (y == 1969 && m == March && d == 31)
            // Closed all day - heavy snow.
            || (y == 1969 && m == February && d == 10)
            // Day after Independence Day.
            || (y == 1968 && m == July && d == 5)
            // June 12-Dec. 31, 1968
            // Four day week (closed on Wednesdays) - Paperwork Crisis
            || (y == 1968 && dd >= 163 && w == Wednesday)
            // Day of mourning for Martin Luther King Jr.
            || (y == 1968 && m == April && d == 9)
            // Funeral of President Kennedy
            || (y == 1963 && m == November && d == 25)
            // Day before Decoration Day
            || (y == 1961 && m == May && d == 29)
            // Day after Christmas
            || (y == 1958 && m == December && d == 26)
            // Christmas Eve
            || ((y == 1954 || y == 1956 || y == 1965)
                && m == December && d == 24)
            ) return false;

        return true;
    }


    bool UnitedStates::GovernmentBondImpl::isBusinessDay(const Date& date) const {
        Weekday w = date.weekday();
        Day d = date.dayOfMonth(), dd = date.dayOfYear();
        Month m = date.month();
        Year y = date.year();
        Day em = easterMonday(y);
        if (isWeekend(w)
            // New Year's Day (possibly moved to Monday if on Sunday)
            || ((d == 1 || (d == 2 && w == Monday)) && m == January)
            // Martin Luther King's birthday (third Monday in January)
            || ((d >= 15 && d <= 21) && w == Monday && m == January
                && y >= 1983)
            // Washington's birthday (third Monday in February)
            || isWashingtonBirthday(d, m, y, w)
            // Good Friday. Since 1996 it's an early close and not a full market
            // close when it coincides with the NFP release date, which is the
            // first Friday of the month(*).
            // See <https://www.sifma.org/resources/general/holiday-schedule/>
            //
            // (*) The full rule is "the third Friday after the conclusion of the
            // week which includes the 12th of the month". This is usually the
            // first Friday of the next month, but can be the second Friday if the
            // month has fewer than 31 days. Since Good Friday is always between
            // March 20th and April 23rd, it can only coincide with the April NFP,
            // which is always on the first Friday, because March has 31 days.
            || (dd == em-3 && (y < 1996 || d > 7))
            // Memorial Day (last Monday in May)
            || isMemorialDay(d, m, y, w)
            // Juneteenth (Monday if Sunday or Friday if Saturday)
            || isJuneteenth(d, m, y, w)
            // Independence Day (Monday if Sunday or Friday if Saturday)
            || ((d == 4 || (d == 5 && w == Monday) ||
                 (d == 3 && w == Friday)) && m == July)
            // Labor Day (first Monday in September)
            || isLaborDay(d, m, y, w)
            // Columbus Day (second Monday in October)
            || isColumbusDay(d, m, y, w)
            // Veteran's Day (Monday if Sunday)
            || isVeteransDayNoSaturday(d, m, y, w)
            // Thanksgiving Day (fourth Thursday in November)
            || ((d >= 22 && d <= 28) && w == Thursday && m == November)
            // Christmas (Monday if Sunday or Friday if Saturday)
            || ((d == 25 || (d == 26 && w == Monday) ||
                 (d == 24 && w == Friday)) && m == December))
            return false;

        // Special closings
        if (// President Bush's Funeral
            (y == 2018 && m == December && d == 5)
            // Hurricane Sandy
            || (y == 2012 && m == October && d == 30)
            // President Reagan's funeral
            || (y == 2004 && m == June && d == 11)
            ) return false;

        return true;
    }


    bool UnitedStates::SofrImpl::isBusinessDay(const Date& date) const {
        // so far (that is, up to 2023 at the time of this change) SOFR never fixed
        // on Good Friday.  We're extrapolating that pattern.  This might change if
        // a fixing on Good Friday occurs in future years.
        const Day dY = date.dayOfYear();
        const Year y = date.year();

        // Good Friday
        if (dY == (easterMonday(y) - 3))
            return false;

        return GovernmentBondImpl::isBusinessDay(date);
    }


    bool UnitedStates::NercImpl::isBusinessDay(const Date& date) const {
        Weekday w = date.weekday();
        Day d = date.dayOfMonth();
        Month m = date.month();
        Year y = date.year();
        if (isWeekend(w)
            // New Year's Day (possibly moved to Monday if on Sunday)
            || ((d == 1 || (d == 2 && w == Monday)) && m == January)
            // Memorial Day (last Monday in May)
            || isMemorialDay(d, m, y, w)
            // Independence Day (Monday if Sunday)
            || ((d == 4 || (d == 5 && w == Monday)) && m == July)
            // Labor Day (first Monday in September)
            || isLaborDay(d, m, y, w)
            // Thanksgiving Day (fourth Thursday in November)
            || ((d >= 22 && d <= 28) && w == Thursday && m == November)
            // Christmas (Monday if Sunday)
            || ((d == 25 || (d == 26 && w == Monday)) && m == December))
            return false; // NOLINT(readability-simplify-boolean-expr)
        return true;
    }


    bool UnitedStates::FederalReserveImpl::isBusinessDay(const Date& date) const {
        // see https://www.frbservices.org/about/holiday-schedules for details
        Weekday w = date.weekday();
        Day d = date.dayOfMonth();
        Month m = date.month();
        Year y = date.year();
        if (isWeekend(w)
            // New Year's Day (possibly moved to Monday if on Sunday)
            || ((d == 1 || (d == 2 && w == Monday)) && m == January)
            // Martin Luther King's birthday (third Monday in January)
            || ((d >= 15 && d <= 21) && w == Monday && m == January
                && y >= 1983)
            // Washington's birthday (third Monday in February)
            || isWashingtonBirthday(d, m, y, w)
            // Memorial Day (last Monday in May)
            || isMemorialDay(d, m, y, w)
            // Juneteenth (Monday if Sunday)
            || isJuneteenth(d, m, y, w, false)
            // Independence Day (Monday if Sunday)
            || ((d == 4 || (d == 5 && w == Monday)) && m == July)
            // Labor Day (first Monday in September)
            || isLaborDay(d, m, y, w)
            // Columbus Day (second Monday in October)
            || isColumbusDay(d, m, y, w)
            // Veteran's Day (Monday if Sunday)
            || isVeteransDayNoSaturday(d, m, y, w)
            // Thanksgiving Day (fourth Thursday in November)
            || ((d >= 22 && d <= 28) && w == Thursday && m == November)
            // Christmas (Monday if Sunday)
            || ((d == 25 || (d == 26 && w == Monday)) && m == December))
            return false; // NOLINT(readability-simplify-boolean-expr)
        return true;
    }

}

Coverage Report

Created: 2026-06-23 06:40

Line	Count	Source
1		/* -- mode: c++; tab-width: 4; indent-tabs-mode: nil; c-basic-offset: 4 -- */
2
3		/*
4		Copyright (C) 2004, 2005 Ferdinando Ametrano
5		Copyright (C) 2000, 2001, 2002, 2003 RiskMap srl
6		Copyright (C) 2003, 2004, 2005, 2006 StatPro Italia srl
7		Copyright (C) 2017 Peter Caspers
8		Copyright (C) 2017 Oleg Kulkov
9		Copyright (C) 2023 Skandinaviska Enskilda Banken AB (publ)
10		Copyright (C) 2024 Dirk Eddelbuettel
11
12		This file is part of QuantLib, a free-software/open-source library
13		for financial quantitative analysts and developers - http://quantlib.org/
14
15		QuantLib is free software: you can redistribute it and/or modify it
16		under the terms of the QuantLib license. You should have received a
17		copy of the license along with this program; if not, please email
18		<quantlib-dev@lists.sf.net>. The license is also available online at
19		<https://www.quantlib.org/license.shtml>.
20
21		This program is distributed in the hope that it will be useful, but WITHOUT
22		ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS
23		FOR A PARTICULAR PURPOSE. See the license for more details.
24		*/
25
26		#include <ql/time/calendars/unitedstates.hpp>
27		#include <ql/errors.hpp>
28
29		namespace QuantLib {
30
31		namespace {
32
33		// a few rules used by multiple calendars
34
35	20.3M	bool isWashingtonBirthday(Day d, Month m, Year y, Weekday w) {
36	20.3M	if (y >= 1971) {
37		// third Monday in February
38	17.6M	return (d >= 15 && d <= 21) && w == Monday && m == February;
39	17.6M	} else {
40		// February 22nd, possibly adjusted
41	2.67M	return (d == 22 \|\| (d == 23 && w == Monday)
42	2.56M	\|\| (d == 21 && w == Friday)) && m == February;
43	2.67M	}
44	20.3M	}
45
46	20.2M	bool isMemorialDay(Day d, Month m, Year y, Weekday w) {
47	20.2M	if (y >= 1971) {
48		// last Monday in May
49	17.5M	return d >= 25 && w == Monday && m == May;
50	17.5M	} else {
51		// May 30th, possibly adjusted
52	2.65M	return (d == 30 \|\| (d == 31 && w == Monday)
53	2.56M	\|\| (d == 29 && w == Friday)) && m == May;
54	2.65M	}
55	20.2M	}
56
57	20.0M	bool isLaborDay(Day d, Month m, Year y, Weekday w) {
58		// first Monday in September
59	20.0M	return d <= 7 && w == Monday && m == September;
60	20.0M	}
61
62	10.1M	bool isColumbusDay(Day d, Month m, Year y, Weekday w) {
63		// second Monday in October
64	10.1M	return (d >= 8 && d <= 14) && w == Monday && m == October
65	39.8k	&& y >= 1971;
66	10.1M	}
67
68	0	bool isVeteransDay(Day d, Month m, Year y, Weekday w) {
69	0	if (y <= 1970 \|\| y >= 1978) {
70		// November 11th, adjusted
71	0	return (d == 11 \|\| (d == 12 && w == Monday) \|\|
72	0	(d == 10 && w == Friday)) && m == November;
73	0	} else {
74		// fourth Monday in October
75	0	return (d >= 22 && d <= 28) && w == Monday && m == October;
76	0	}
77	0	}
78
79	10.1M	bool isVeteransDayNoSaturday(Day d, Month m, Year y, Weekday w) {
80	10.1M	if (y <= 1970 \|\| y >= 1978) {
81		// November 11th, adjusted, but no Saturday to Friday
82	9.85M	return (d == 11 \|\| (d == 12 && w == Monday)) && m == November;
83	9.85M	} else {
84		// fourth Monday in October
85	301k	return (d >= 22 && d <= 28) && w == Monday && m == October;
86	301k	}
87	10.1M	}
88
89	20.1M	bool isJuneteenth(Day d, Month m, Year y, Weekday w, bool moveToFriday = true) {
90		// declared in 2021, but only observed by exchanges since 2022
91	20.1M	return (d == 19 \|\| (d == 20 && w == Monday) \|\| ((d == 18 && w == Friday) && moveToFriday))
92	881k	&& m == June && y >= 2022;
93	20.1M	}
94		}
95
96	18.5k	UnitedStates::UnitedStates(UnitedStates::Market market) {
97		// all calendar instances on the same market share the same implementation instance
98	18.5k	static auto settlementImpl = ext::make_shared<UnitedStates::SettlementImpl>();
99	18.5k	static auto liborImpactImpl = ext::make_shared<UnitedStates::LiborImpactImpl>();
100	18.5k	static auto nyseImpl = ext::make_shared<UnitedStates::NyseImpl>();
101	18.5k	static auto governmentImpl = ext::make_shared<UnitedStates::GovernmentBondImpl>();
102	18.5k	static auto nercImpl = ext::make_shared<UnitedStates::NercImpl>();
103	18.5k	static auto federalReserveImpl = ext::make_shared<UnitedStates::FederalReserveImpl>();
104	18.5k	static auto sofrImpl = ext::make_shared<UnitedStates::SofrImpl>();
105
106	18.5k	switch (market) {
107	0	case Settlement:
108	0	impl_ = settlementImpl;
109	0	break;
110	0	case LiborImpact:
111	0	impl_ = liborImpactImpl;
112	0	break;
113	6.18k	case NYSE:
114	6.18k	impl_ = nyseImpl;
115	6.18k	break;
116	6.18k	case GovernmentBond:
117	6.18k	impl_ = governmentImpl;
118	6.18k	break;
119	0	case SOFR:
120	0	impl_ = sofrImpl;
121	0	break;
122	0	case NERC:
123	0	impl_ = nercImpl;
124	0	break;
125	6.18k	case FederalReserve:
126	6.18k	impl_ = federalReserveImpl;
127	6.18k	break;
128	0	default:
129	0	QL_FAIL("unknown market");
130	18.5k	}
131	18.5k	}
132
133
134	0	bool UnitedStates::SettlementImpl::isBusinessDay(const Date& date) const {
135	0	Weekday w = date.weekday();
136	0	Day d = date.dayOfMonth();
137	0	Month m = date.month();
138	0	Year y = date.year();
139	0	if (isWeekend(w)
140		// New Year's Day (possibly moved to Monday if on Sunday)
141	0	\|\| ((d == 1 \|\| (d == 2 && w == Monday)) && m == January)
142		// (or to Friday if on Saturday)
143	0	\|\| (d == 31 && w == Friday && m == December)
144		// Martin Luther King's birthday (third Monday in January)
145	0	\|\| ((d >= 15 && d <= 21) && w == Monday && m == January
146	0	&& y >= 1983)
147		// Washington's birthday (third Monday in February)
148	0	\|\| isWashingtonBirthday(d, m, y, w)
149		// Memorial Day (last Monday in May)
150	0	\|\| isMemorialDay(d, m, y, w)
151		// Juneteenth (Monday if Sunday or Friday if Saturday)
152	0	\|\| isJuneteenth(d, m, y, w)
153		// Independence Day (Monday if Sunday or Friday if Saturday)
154	0	\|\| ((d == 4 \|\| (d == 5 && w == Monday) \|\|
155	0	(d == 3 && w == Friday)) && m == July)
156		// Labor Day (first Monday in September)
157	0	\|\| isLaborDay(d, m, y, w)
158		// Columbus Day (second Monday in October)
159	0	\|\| isColumbusDay(d, m, y, w)
160		// Veteran's Day (Monday if Sunday or Friday if Saturday)
161	0	\|\| isVeteransDay(d, m, y, w)
162		// Thanksgiving Day (fourth Thursday in November)
163	0	\|\| ((d >= 22 && d <= 28) && w == Thursday && m == November)
164		// Christmas (Monday if Sunday or Friday if Saturday)
165	0	\|\| ((d == 25 \|\| (d == 26 && w == Monday) \|\|
166	0	(d == 24 && w == Friday)) && m == December))
167	0	return false; // NOLINT(readability-simplify-boolean-expr)
168	0	return true;
169	0	}
170
171	0	bool UnitedStates::LiborImpactImpl::isBusinessDay(const Date& date) const {
172		// Since 2015 Independence Day only impacts Libor if it falls
173		// on a weekday
174	0	Weekday w = date.weekday();
175	0	Day d = date.dayOfMonth();
176	0	Month m = date.month();
177	0	Year y = date.year();
178	0	if (((d == 5 && w == Monday) \|\|
179	0	(d == 3 && w == Friday)) && m == July && y >= 2015)
180	0	return true;
181	0	return SettlementImpl::isBusinessDay(date);
182	0	}
183
184	13.9M	bool UnitedStates::NyseImpl::isBusinessDay(const Date& date) const {
185	13.9M	Weekday w = date.weekday();
186	13.9M	Day d = date.dayOfMonth(), dd = date.dayOfYear();
187	13.9M	Month m = date.month();
188	13.9M	Year y = date.year();
189	13.9M	Day em = easterMonday(y);
190	13.9M	if (isWeekend(w)
191		// New Year's Day (possibly moved to Monday if on Sunday)
192	10.0M	\|\| ((d == 1 \|\| (d == 2 && w == Monday)) && m == January)
193		// Washington's birthday (third Monday in February)
194	9.97M	\|\| isWashingtonBirthday(d, m, y, w)
195		// Good Friday
196	9.94M	\|\| (dd == em-3)
197		// Memorial Day (last Monday in May)
198	9.90M	\|\| isMemorialDay(d, m, y, w)
199		// Juneteenth (Monday if Sunday or Friday if Saturday)
200	9.86M	\|\| isJuneteenth(d, m, y, w)
201		// Independence Day (Monday if Sunday or Friday if Saturday)
202	9.84M	\|\| ((d == 4 \|\| (d == 5 && w == Monday) \|\|
203	9.44M	(d == 3 && w == Friday)) && m == July)
204		// Labor Day (first Monday in September)
205	9.80M	\|\| isLaborDay(d, m, y, w)
206		// Thanksgiving Day (fourth Thursday in November)
207	9.76M	\|\| ((d >= 22 && d <= 28) && w == Thursday && m == November)
208		// Christmas (Monday if Sunday or Friday if Saturday)
209	9.72M	\|\| ((d == 25 \|\| (d == 26 && w == Monday) \|\|
210	9.34M	(d == 24 && w == Friday)) && m == December)
211	13.9M	) return false;
212
213	9.68M	if (y >= 1998 && (d >= 15 && d <= 21) && w == Monday && m == January)
214		// Martin Luther King's birthday (third Monday in January)
215	28.2k	return false;
216
217	9.65M	if ((y <= 1968 \|\| (y <= 1980 && y % 4 == 0)) && m == November
218	96.9k	&& d <= 7 && w == Tuesday)
219		// Presidential election days
220	4.62k	return false;
221
222		// Special closings
223	9.65M	if (// President Carter's Funeral
224	9.65M	(y == 2025 && m == January && d == 9)
225		// President Bush's Funeral
226	9.65M	\|\| (y == 2018 && m == December && d == 5)
227		// Hurricane Sandy
228	9.65M	\|\| (y == 2012 && m == October && (d == 29 \|\| d == 30))
229		// President Ford's funeral
230	9.65M	\|\| (y == 2007 && m == January && d == 2)
231		// President Reagan's funeral
232	9.65M	\|\| (y == 2004 && m == June && d == 11)
233		// September 11-14, 2001
234	9.65M	\|\| (y == 2001 && m == September && (11 <= d && d <= 14))
235		// President Nixon's funeral
236	9.65M	\|\| (y == 1994 && m == April && d == 27)
237		// Hurricane Gloria
238	9.65M	\|\| (y == 1985 && m == September && d == 27)
239		// 1977 Blackout
240	9.65M	\|\| (y == 1977 && m == July && d == 14)
241		// Funeral of former President Lyndon B. Johnson.
242	9.65M	\|\| (y == 1973 && m == January && d == 25)
243		// Funeral of former President Harry S. Truman
244	9.65M	\|\| (y == 1972 && m == December && d == 28)
245		// National Day of Participation for the lunar exploration.
246	9.65M	\|\| (y == 1969 && m == July && d == 21)
247		// Funeral of former President Eisenhower.
248	9.65M	\|\| (y == 1969 && m == March && d == 31)
249		// Closed all day - heavy snow.
250	9.65M	\|\| (y == 1969 && m == February && d == 10)
251		// Day after Independence Day.
252	9.65M	\|\| (y == 1968 && m == July && d == 5)
253		// June 12-Dec. 31, 1968
254		// Four day week (closed on Wednesdays) - Paperwork Crisis
255	9.64M	\|\| (y == 1968 && dd >= 163 && w == Wednesday)
256		// Day of mourning for Martin Luther King Jr.
257	9.64M	\|\| (y == 1968 && m == April && d == 9)
258		// Funeral of President Kennedy
259	9.64M	\|\| (y == 1963 && m == November && d == 25)
260		// Day before Decoration Day
261	9.64M	\|\| (y == 1961 && m == May && d == 29)
262		// Day after Christmas
263	9.64M	\|\| (y == 1958 && m == December && d == 26)
264		// Christmas Eve
265	9.64M	\|\| ((y == 1954 \|\| y == 1956 \|\| y == 1965)
266	82.1k	&& m == December && d == 24)
267	9.65M	) return false;
268
269	9.64M	return true;
270	9.65M	}
271
272
273	8.37M	bool UnitedStates::GovernmentBondImpl::isBusinessDay(const Date& date) const {
274	8.37M	Weekday w = date.weekday();
275	8.37M	Day d = date.dayOfMonth(), dd = date.dayOfYear();
276	8.37M	Month m = date.month();
277	8.37M	Year y = date.year();
278	8.37M	Day em = easterMonday(y);
279	8.37M	if (isWeekend(w)
280		// New Year's Day (possibly moved to Monday if on Sunday)
281	5.98M	\|\| ((d == 1 \|\| (d == 2 && w == Monday)) && m == January)
282		// Martin Luther King's birthday (third Monday in January)
283	5.95M	\|\| ((d >= 15 && d <= 21) && w == Monday && m == January
284	22.5k	&& y >= 1983)
285		// Washington's birthday (third Monday in February)
286	5.94M	\|\| isWashingtonBirthday(d, m, y, w)
287		// Good Friday. Since 1996 it's an early close and not a full market
288		// close when it coincides with the NFP release date, which is the
289		// first Friday of the month(*).
290		// See <https://www.sifma.org/resources/general/holiday-schedule/>
291		//
292		// (*) The full rule is "the third Friday after the conclusion of the
293		// week which includes the 12th of the month". This is usually the
294		// first Friday of the next month, but can be the second Friday if the
295		// month has fewer than 31 days. Since Good Friday is always between
296		// March 20th and April 23rd, it can only coincide with the April NFP,
297		// which is always on the first Friday, because March has 31 days.
298	5.91M	\|\| (dd == em-3 && (y < 1996 \|\| d > 7))
299		// Memorial Day (last Monday in May)
300	5.89M	\|\| isMemorialDay(d, m, y, w)
301		// Juneteenth (Monday if Sunday or Friday if Saturday)
302	5.87M	\|\| isJuneteenth(d, m, y, w)
303		// Independence Day (Monday if Sunday or Friday if Saturday)
304	5.86M	\|\| ((d == 4 \|\| (d == 5 && w == Monday) \|\|
305	5.62M	(d == 3 && w == Friday)) && m == July)
306		// Labor Day (first Monday in September)
307	5.83M	\|\| isLaborDay(d, m, y, w)
308		// Columbus Day (second Monday in October)
309	5.81M	\|\| isColumbusDay(d, m, y, w)
310		// Veteran's Day (Monday if Sunday)
311	5.79M	\|\| isVeteransDayNoSaturday(d, m, y, w)
312		// Thanksgiving Day (fourth Thursday in November)
313	5.77M	\|\| ((d >= 22 && d <= 28) && w == Thursday && m == November)
314		// Christmas (Monday if Sunday or Friday if Saturday)
315	5.75M	\|\| ((d == 25 \|\| (d == 26 && w == Monday) \|\|
316	5.52M	(d == 24 && w == Friday)) && m == December))
317	2.64M	return false;
318
319		// Special closings
320	5.73M	if (// President Bush's Funeral
321	5.73M	(y == 2018 && m == December && d == 5)
322		// Hurricane Sandy
323	5.73M	\|\| (y == 2012 && m == October && d == 30)
324		// President Reagan's funeral
325	5.73M	\|\| (y == 2004 && m == June && d == 11)
326	5.73M	) return false;
327
328	5.73M	return true;
329	5.73M	}
330
331
332	0	bool UnitedStates::SofrImpl::isBusinessDay(const Date& date) const {
333		// so far (that is, up to 2023 at the time of this change) SOFR never fixed
334		// on Good Friday. We're extrapolating that pattern. This might change if
335		// a fixing on Good Friday occurs in future years.
336	0	const Day dY = date.dayOfYear();
337	0	const Year y = date.year();
338
339		// Good Friday
340	0	if (dY == (easterMonday(y) - 3))
341	0	return false;
342
343	0	return GovernmentBondImpl::isBusinessDay(date);
344	0	}
345
346
347	0	bool UnitedStates::NercImpl::isBusinessDay(const Date& date) const {
348	0	Weekday w = date.weekday();
349	0	Day d = date.dayOfMonth();
350	0	Month m = date.month();
351	0	Year y = date.year();
352	0	if (isWeekend(w)
353		// New Year's Day (possibly moved to Monday if on Sunday)
354	0	\|\| ((d == 1 \|\| (d == 2 && w == Monday)) && m == January)
355		// Memorial Day (last Monday in May)
356	0	\|\| isMemorialDay(d, m, y, w)
357		// Independence Day (Monday if Sunday)
358	0	\|\| ((d == 4 \|\| (d == 5 && w == Monday)) && m == July)
359		// Labor Day (first Monday in September)
360	0	\|\| isLaborDay(d, m, y, w)
361		// Thanksgiving Day (fourth Thursday in November)
362	0	\|\| ((d >= 22 && d <= 28) && w == Thursday && m == November)
363		// Christmas (Monday if Sunday)
364	0	\|\| ((d == 25 \|\| (d == 26 && w == Monday)) && m == December))
365	0	return false; // NOLINT(readability-simplify-boolean-expr)
366	0	return true;
367	0	}
368
369
370	6.25M	bool UnitedStates::FederalReserveImpl::isBusinessDay(const Date& date) const {
371		// see https://www.frbservices.org/about/holiday-schedules for details
372	6.25M	Weekday w = date.weekday();
373	6.25M	Day d = date.dayOfMonth();
374	6.25M	Month m = date.month();
375	6.25M	Year y = date.year();
376	6.25M	if (isWeekend(w)
377		// New Year's Day (possibly moved to Monday if on Sunday)
378	4.47M	\|\| ((d == 1 \|\| (d == 2 && w == Monday)) && m == January)
379		// Martin Luther King's birthday (third Monday in January)
380	4.45M	\|\| ((d >= 15 && d <= 21) && w == Monday && m == January
381	17.2k	&& y >= 1983)
382		// Washington's birthday (third Monday in February)
383	4.44M	\|\| isWashingtonBirthday(d, m, y, w)
384		// Memorial Day (last Monday in May)
385	4.42M	\|\| isMemorialDay(d, m, y, w)
386		// Juneteenth (Monday if Sunday)
387	4.41M	\|\| isJuneteenth(d, m, y, w, false)
388		// Independence Day (Monday if Sunday)
389	4.40M	\|\| ((d == 4 \|\| (d == 5 && w == Monday)) && m == July)
390		// Labor Day (first Monday in September)
391	4.38M	\|\| isLaborDay(d, m, y, w)
392		// Columbus Day (second Monday in October)
393	4.37M	\|\| isColumbusDay(d, m, y, w)
394		// Veteran's Day (Monday if Sunday)
395	4.35M	\|\| isVeteransDayNoSaturday(d, m, y, w)
396		// Thanksgiving Day (fourth Thursday in November)
397	4.34M	\|\| ((d >= 22 && d <= 28) && w == Thursday && m == November)
398		// Christmas (Monday if Sunday)
399	4.32M	\|\| ((d == 25 \|\| (d == 26 && w == Monday)) && m == December))
400	1.94M	return false; // NOLINT(readability-simplify-boolean-expr)
401	4.30M	return true;
402	6.25M	}
403
404		}